Layton, New Jersey Property Taxes
The median property tax rate in Layton, NJ is 2.93%, considerably higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Layton, the typical annual property tax bill reaches $6,712, exceeding the national median of $2,690. Property taxes in Layton are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Layton's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Layton or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Layton, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.93%
Estimate Property Tax Bill
$6,710
Ownwell’s Layton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Layton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Layton to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Layton, New Jersey
Property taxes in Layton, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Layton is 2.93%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Layton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Layton estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Layton's effective property tax rate to other areas in New Jersey and the national median. For comparison, the 07851 zip code has the highest median property tax rate of 2.93%, while the same zip code also has the lowest median tax rate of 2.93%. Understanding how these cities compare with Layton provides valuable insights into the varying tax landscape across Sussex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Layton Tax Rate
2.93%
Average Sussex County Tax Rate
3.40%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Layton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07851 | 2.93% | 2.93% | 2.93% | 2.93% | 2.93% |
Source: Ownwell
Property Tax Assessment Values Across Layton, New Jersey
In Layton, New Jersey, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Sussex County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Layton, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. For instance, zip code 07851 has the highest median tax bill of $6,712. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Layton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Layton Assessed Value
$229,000
Average Sussex County Assessed Value
$229,300
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Layton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07851 | $154,600 | $179,100 | $229,000 | $284,600 | $332,300 |
Source: Ownwell
Property Tax Bills Across Layton, New Jersey
In Layton, Sussex County, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local tax assessor and is intended to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local property tax rate to calculate the annual tax bill. For instance, with a median home price of $229,000, homeowners can expect their tax bills to vary significantly. Factors influencing the tax bill include property size, location, and any improvements made to the home. In Layton, the tax bills range from the 25th percentile at $5,292 to the 75th percentile at $8,338, with the 90th percentile reaching up to $9,731. These figures are notably higher than the national median property tax rate of 0.99%, highlighting the substantial impact on homeowners in this region. Understanding these factors can help homeowners anticipate their annual expenses and plan accordingly.
Average Layton Tax Bill
$6,712
Average Sussex County Tax Bill
$7,518
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Layton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07851 | $4,608 | $5,292 | $6,712 | $8,338 | $9,731 |
Source: Ownwell